POWERS Podcast #395 — Scott Arnoldy, Founder & CEO, Triten RE Partners: Scaling to $1.5B+ Across Multiple Cycles and Asset Classes

Release Date: September 30, 2025
Host: Chris Powers
Guest: Scott Arnoldy, Founder & CEO, Triten RE Partners

Episode Overview

In this episode, Chris Powers sits down with Scott Arnoldy, founder and CEO of Triten RE Partners—a real estate platform with $1.5B+ assets under management, thriving across Texas and multiple asset classes. The conversation explores Scott's journey from Wall Street analyst to entrepreneurial builder, the lessons and scars of navigating multiple market cycles, how to build and scale a business, the nuances of raising capital, and the evolving opportunity landscape in real estate today.

Arnoldy shares "from the trenches" stories about high-leverage deals during the 2008 GFC, the strategic pivots that shaped Triten, the operational complexities and revelations of industrial outdoor storage (IOS), and the deep importance of leadership, team-building, and storytelling in capital markets.

Key Discussion Points & Insights

1. Early Career & the GFC: Lessons in Risk and Timing (04:37–18:25)

• Entry into Real Estate

  • Scott discusses starting at Goldman Sachs in 2005, without any real estate experience, landing in the frothiest part of the market.
  • "I remember...we did a financing in April of 07...1.2 billion acquisition. And we got 92% financing. And I was like, that doesn't seem right. That just seems very risky." (06:25)

• The Bubble & the Crash

  • Reflects on the wild run-up before the 2008 crash, noting early warning signs—subprime lenders failing, and 'not being able to move paper':
  • "You could see the financing market starting to choke up." (08:35)

• Moving to Stockbridge

  • Joined just before the crash (early 2008), helped work out "22 different partners" through failed investments, earning a "PhD in joint ventures."
  • On partner dynamics: "You can't have a good deal with a bad partner, and you can't have a bad deal with a good partner because when things go bad, you're just going to dig in and figure it out." (17:00)

• Memorable Loss:

  • "We bought $120 million worth of air rights. Total loss." (18:16)
  • Explains one of the worst deals—pre-development air rights in Boston that became worthless after 2008.

2. Transition to Entrepreneurship and Founding Triten (19:27–32:31)

• Deciding to Leave Stockbridge

  • "I don't think I ever...intended to leave. I was very happy when I joined Stockbridge. It felt like a form of entrepreneurship because it was a small private equity group. I was going to be catapulted to the top, watch this." (23:13)
  • Developed a project with his father, which sparked the entrepreneurial itch.

• First Steps Without a Map

  • "Not only did I not have a plan, I didn't even move back [to Texas]. My plan was I had to get a deal done. That was it." (26:50)
  • "I was sitting in the halls reading leases, abstracting and building my Argos...then created a property management company for that transaction." (29:44)

3. Building the Business: Structure, Focus, and Team (30:40–36:00)

• Shifting from Projects to Platform

  • "First half of our 10 years was very opportunistic, somewhat reactive...But at the end of the day, I either needed to be a projects guy...or I needed to be building a business." (31:15)
  • Covid was the inflection point: "I remember having a distinct moment of like, me personally, I either need to be a projects guy...or I need to be building a business." (31:50)

• Team-Building

  • "When you can recruit talent...that's the most—to me, that's like one of the better accomplishments." (34:04)
  • Focused intentionally on process, structure, leadership—moving from 'doing' to 'leading.'

4. Investment Approach and Decision-Making (35:00–42:51)

• Navigating Multiple Verticals

  • Triten operates in industrial, multifamily, opportunity zones, IOS, and more.
  • "When the decision was made, let's build a business, that's when we...focused on industrial and multifamily—sheds and beds." (37:18)

• Investment Committee and Process

  • "From that standpoint, I think what is unique...is our use of tech: we've built our whole system through Monday.com. It’s live analytics, deal tracking, sourcing—it’s our scorecard." (41:21)

• The Importance of Focus

  • "Any entrepreneur, they just love to chase us. Like, we call it chasing squirrels...One of my biggest things I push myself on is like, don’t get distracted by that little shiny object." (36:54)

5. Raising Capital & The Art of Storytelling (42:51–48:25)

• Capital Markets Structure

  • "My number one motto from the get-go has been: if you focus on finding good opportunities, the capital shouldn't be that difficult." (44:04)
  • Actively working on not being the bottleneck as the company scales.

• Storytelling as a Competitive Advantage

  • "If you define it in a way that is clear, then the capital should understand it because you’ve laid it out for them." (45:17)
  • Great marketing and clear narrative can often beat raw numbers—"There's a lot of examples in history of that being the case. WeWork. Theranos. Any kind of super charismatic storyteller has proven their ability to use that in not so productive ways." (47:18)

6. Deep Dive: IOS (Industrial Outdoor Storage) (48:25–58:15)

• The Evolution of IOS

  • Market’s now aware: "It’s the cat’s out of the bag, everybody wants it...But I still think it's a much smaller piece of the ecosystem because the asset purchases are just small." (50:13)

• What Makes Good IOS?

  • "It's essentially going to be all around function and the secret sauce of understanding it...It's not that complicated." (52:57)
  • Good layout and zoning matter most; best sites can serve various tenant types.

• Market Maturation

  • "If there's anything secret, it’s just that you’re trying to get your hands on better data, better comps, better leasing information...That in time...will be no different than some class B building." (54:48)

7. Current Market Cycle: Uncertainty & Opportunity (58:25–69:55)

• Perspectives on 2024-25 Real Estate

  • "We're in a down cycle. There's just no other way to say it. Prices have been correcting. It doesn't feel like the GFC did, but...this has just felt more uncertain for longer." (58:25)

• Advice for Operators

  • "There's always opportunity in any market, especially if you're able to play the spectrum...Find the opportunity." (60:03)
  • Land is risky unless unlevered/"you have time"; otherwise, land takes the brunt of repricing. (60:34)

• Macro Uncertainty

  • "It's hard to make long-term investment decisions in an environment of uncertainty. But at the same time, we all have to make some investment decisions because you know it's going to be like this for a bit." (62:50)

8. Rent vs. Own, Multifamily, and Final Thoughts (68:17–70:05)

• Multifamily Opportunities

  • "I've never seen the rent versus own disparity this wide...It's better to rent...now it's 40% better to rent. Which, by the way, means you need 25–30% rent growth to build." (69:00)
  • Good for acquisitions, but challenging for new development.

• The Enduring Case for Real Estate

  • "I still think it's a good time to be in a hard asset class. At least I can...If there is an inflationary pressure...then I feel good about being in real estate." (69:20)

Notable Quotes & Moments

• On the “Best Industry Ever” Mindset
  "The lesson learned—as soon as you start thinking this is the greatest industry that ever lived, there's probably something underpinning that." (11:10, co-host)

• On Partner Quality
  "You can't do a good deal with a bad partner and you can't have a bad deal with a good partner." (17:00, Scott Arnoldy)

• On Team and Leadership
  "When you can recruit talent...that's the most—to me, that's like one of the better accomplishments." (34:04, Scott Arnoldy)

• On Focus vs. Opportunity
  "Any entrepreneur...they just love to chase us. Like we call it chasing squirrels...but now one of my biggest things...don't get distracted by that little shiny object." (36:54, Scott Arnoldy)

• On Storytelling’s Power
  "I think marketing is a big piece of everything." (48:08, Scott Arnoldy)

• On Rent vs. Own Spread
  "Now it's 40% better to rent, which by the way, means you need 25, 30% rent growth to build." (69:00, Scott Arnoldy)

• On Uncertainty
  "Something’s got to give...It's probably the thing that nobody wants to talk about." (67:20, Scott Arnoldy)

Timestamps for Key Segments

• 04:37 — Starting at Goldman, early market froth
• 08:10 — Spotting the cracks, GFC
• 14:03 — Workouts/post-GFC joint venture management
• 19:27 — First development & entrepreneurial roots
• 30:40 — Team-building and strategic pivots
• 42:51 — Capital, investment committee, and storytelling in fundraising
• 48:25 — The IOS (industrial outdoor storage) playbook
• 58:25 — Real estate cycle, opportunities, and market uncertainty
• 68:17 — Multifamily, rent vs. own, and closing thoughts

Flow & Tone

The tone is direct, candid, and seasoned—with both Chris and Scott comfortable sharing behind-the-scenes mistakes and strategic thinking. The conversation is technical but grounded, blending actionable wisdom with stories from the field, and plenty of self-deprecating humor about the realities of entrepreneurship (“You end up just chasing squirrels...Otherwise you'd never do it.”).

Conclusion

This episode provides an honest playbook on building and scaling a real estate company through every kind of market, the enduring value of lasting principles, the importance of integrity and team, and why clear storytelling will always be a competitive moat. Scott Arnoldy's journey—through boom, bust, and evolution—is both a reality check and an inspiration for operators, investors, and leaders in any sector.